MOL Discovers Oil and Gas Reserves in KPK

Pakistan Oilfields Limited has announced that according to MOL, which is the operator of the TAL block, hydrocarbons have been discovered at Makori Deep-02 well. It has been drilled and is currently in the testing phase.

TAL block is located in the Kohat Plateau, Khyber Pakhtunkhwa.

According to details, the Drill Stem Test (DST) reveals that it’s capable of 1,844 barrels of oil per day and 18.25 MMcf of gas per day at 32/64″ fixed choke size at the flowing wellhead pressure of 3,767 psi.

DST is a procedure for isolating and testing the surrounding geological formations through the drill stem. The test is a measurement of pressure at the drill stem and is used to obtain important fluid sampling information and to establish the probability of commercial production. Actual oil and gas production would be different as DST is only an estimate.

The production is expected to start from December 2019. The pre-commercially working interest of Pakistan Oil fields is 25%. MOL Pakistan owns 10.5264% exploration & 8.4210% production phase working interests as an operator of TAL block

MOL Pakistan is engaged in extensive exploration and production activities. It is the operator of TAL and Margala blocks and is currently producing oil & gas from TAL block. Recently, MOL Pakistan has farmed-in, in DG Khan as a non-operating partner with Pakistan Oilfields Limited (POL).

At the time of filing this report, POL’s shares at the exchange were trading at Rs. 391.96, up by Rs.18.66 or +5% with a turnover of 976,900 shares on Thursday.